Payment aggregators have decided to approach the Reserve Bank of India (RBI) for relief less than a month after the central bank released digital lending guidelines.
According to the new RBI guidelines, all loan disbursements and repayments must be made between the borrower’s and the RE’s bank accounts, with no pass-through/pool account of the LSP or other third party. While the role of payment aggregators in transactions has been eliminated, the aggregators and their lobbying group Fintech Association for Consumer Empowerment (FACE) are seeking a relaxation of these norms, according to the Economic Times. According to a payment aggregator executive quoted in the report, the RBI has completely ignored the role of payment aggregators and all intermediaries. As a result, they want to know what their roles are in the new framework and why theirs has been eliminated.
